How will you manage the business once the set-up is complete


Homework

Overview

If you identify a great opportunity to create a new product, service or experience and have decided you're ready to act on it, it's time to plan your launch strategy and determine your entrepreneurial game plan. You'll need to understand what it takes to set up your business, including all the resources you'll need, including funding, and how you will manage your business. This project will focus on the preparation and planning that are essential steps in the creation of a new creative entrepreneurial venture.

What You'll Need

o Your tech kit including laptop
o Internet for research

Prepare

Take your business idea from week 3 and think of how you would launch a business around it. If you'd like to launch a different business, you may do so but you must explain how you got the idea and how it fits in the marketplace.

Create

In a written document, explain the following:

1) Identify the business you will launch: Name, purpose and the product, service or experience.

2) What are the steps you will take to set up the business?

3) How will you get the resources you need to launch?

4) How will you raise capital?

5) How will you reach your target customers?

6) Where will the business launch? Why is that the best place?

7) How will you manage the business once the set-up is complete?

8) How will you drive revenue, make a profit, and ensure that cash flow will meet monthly operating needs?

9) When will the product launch? A particular day or month or as soon as possible? Why?

10) How will you distribute your product, service or experience?

11) Briefly explain the essential components needed for your business plan. How does each component help you determine the viability of your idea?

12) What will your exit strategy be?

Format your homework according to the following formatting requirements:

(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.

(2) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.

(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.

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